Ghosh and Maji [8, p. 1] attempted to examine the efficiency of working capital management of Indian cement companies during
1992 - 93 to 2001 - 2002. They calculated three index values - performance index, utilization index, and overall efficiency index to measure the efficiency of working capital management, instead of using some common working capital management ratios. By using regression analysis and industry norms as a target efficiency level of individual firms, Ghosh and Maji [8] tested the speed of achieving that target level of efficiency by individual firms during the period of study and found that some of the sample firms successfully improved efficiency during these years.